Tax implementation committee signals possible CGT review, vows ‘humane’ rollout

The newly inaugurated National Tax Policy Implementation Committee (NTPIC) on Friday pledged a “humane” and transparent rollout of the federal government’s sweeping new tax laws and signaled that those contentious provisions — including capital gains tax changes that recently rattled markets — may be reviewed before the January 1 start date or as the rollout progresses.

Speaking in Abuja during the committee’s first press briefing shortly after its inauguration by Wale Edun, finance minister and coordinating minister of the economy, Joseph Tegbe, the committee’s chairman said the panel’s work marks the “beginning of the structural rollout of the new tax legislation recently enacted” and is central to the Tinubu administration’s economic reforms.

He said the administration is intent on ensuring the public understands the changes and participates meaningfully in the process. “We want to reassure Nigerians and investors that implementation of this act will be fair, will be transparent, and we will do it with a human face,” he said.

Read also: 5 smart tax moves every Nigerian should make before 2026

In an effort to douse concerns on the new tax laws, the chairman stressed that the government is committed to predictability and would not spring shocks on taxpayers, “There will be no surprises. Some of those areas of concern will be addressed,” he said.

He stressed that the systems being built would respect legitimate expectations, reduce uncertainty, and protect the most vulnerable.

He issued what he described as “categorical statements” to reassure Nigerians on fears of government intrusion into private accounts. According to him, “The government has no business irresponsibly encroaching on personal bank accounts of citizens or its residents in Nigeria.”

Tegbe said the committee’s structure was designed to guarantee broad consultation across the economy, involving businesses, subnational governments, civil societies, and professional bodies, ensuring that reforms reflect shared priorities.

Acknowledging the market sensitivities surrounding capital gains tax (CGT), Tegbe said the committee will review contentious provisions and may maintain the status quo in some areas.

“There have been controversies. It almost crashed the stock market when some statements were made. It took the intervention of the Minister of Finance for the stock market to bounce back,” he said, noting that the committee may recommend holding the CGT regime steady for now. “There might be areas where status quo might be maintained.”

He added that the rollout would be iterative, with adjustments made as issues emerge. “Nobody does implementation once and for all,” he noted, emphasising that some provisions may require further scrutiny even after January 1.

He also highlighted that the reforms include incentives designed to spur growth and protect lower-income earners. “One of the objectives of Mr. President is to ensure that Nigerians who are earning lower income are exempted from tax as much as possible,” he said. Tegbe explained that the rollout aims to balance revenue generation with fostering the right environment for investment.

On revenue projections, he declined to give figures, saying that the national budget was still being finalised. But he promised sustained engagement with stakeholders to ensure the reforms succeed. “We will work with everybody to ensure that the partnership with stakeholders does happen, I promise.”

Sanyade Okoli, the committee’s secretary and special adviser to the President on finance and the economy, echoed Tegbe’s caution on revenue numbers. She noted that the Medium-Term Tax Expenditure Framework, approved by the Federal Executive Council earlier in the week, projected N34 trillion in revenue, but said it would be premature to comment on allocations before the budget breakdown is finalised.

“Let’s allow the Minister of Budget and Nationa Planning to finish that before we can give the numbers,” she urged.

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